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Archive for the 'General' Category
Have a Credit Card Complaint? New Gov’t Agency Could Help
Tuesday, August 9th, 2011Late last month, the Consumer Financial Protection Bureau (CFPB) opened its doors for business. The fledgling agency was created as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) with a concentrated focus on consumer welfare, rather than on bank safety or monetary policy. It centralizes responsibilities that [...]
No More Credit Cards for Stay at Home Moms?
Monday, March 21st, 2011One of the Credit CARD Act’s goals is to make sure that individuals can really afford to repay what they borrow. In particular, the Fed wants to protect teenagers from digging themselves into a deep hole of credit card debt. Sometimes, however, good intentions can result in inconvenient consequences.
Are Credit Card Rewards Programs In Danger of Going Away?
Friday, January 14th, 2011After the passage and enactment of the Credit CARD Act, there was some concern over whether the new legislation would impact the ability or incentive of credit card issuers to offer attractive rewards programs. A new study performed by the Federal Reserve suggests that consumers should probably not have anything to fear on that front.
Getting a Discount for Using No-Frills Credit Cards?
Tuesday, October 5th, 2010Will it soon pay to have a no-frills, no-rewards credit card in your wallet? Under a proposed settlement just reached between the Justice Department and Visa and MasterCard, merchants will now be allowed to offer discounts, rebates or other incentives to use cards with lower processing fees, such as “no-frills” credit cards without rewards or [...]
Fed Bans Inactivity Fees on Credit Cards, Caps Some Penalties
Tuesday, June 15th, 2010The Federal Reserve announced a few more changes to the Credit CARD Act that will be effective August 22, 2010. Many of the changes included in this final rule represent a reaction to some of the practices that credit card issuers have recently adopted.
Fed Makes Credit Card Agreements Available Online
Wednesday, May 26th, 2010As one of the provisions of the Credit CARD Act, credit card issuers are now required to post their account agreements online and to supply them to the Federal Reserve. This week, the Fed used this information to debut a searchable online database of credit card agreements at www.federalreserve.gov/creditcardagreements/. More than 300 card agreements are [...]
Cap One, Bank of America Drop Mandatory Arbitration Clauses
Friday, December 18th, 2009Earlier this year, two large arbitration firms announced they would no longer be handling credit card collection disputes. Now comes word that, as a result of a huge class action lawsuit against the major banks, many of them are starting to drop the language in their contracts that requires consumers to engage in binding arbitration [...]
New Credit Card Abuses Spread in Advance of Credit CARD Act
Thursday, December 10th, 2009A new study by the Center for Responsible Lending finds that credit card issuers have managed to find new ways to pad their profit and work around the Federal Reserve Board rules and federal law set to take effect in February 2010. Even as old abuses are outlawed, CRL finds that new ways to squeeze [...]
Surprise, Surprise: Banks Admit to Tightening Credit in Response to Credit CARD Act
Monday, November 9th, 2009The latest quarterly Fed survey of bank loan officers found that banks expect to tighten or have already tightened credit card terms on all borrowers, as a direct result of the impending enactment of the Credit CARD Act.
JD Power Finds Amex Tops in Customer Satisfaction Again
Wednesday, September 9th, 2009JD Power recently released the results of its annual credit card satisfaction survey which once again found American Express and Discover ranking #1 and #2 respectively in customer satisfaction. Overall, customer satisfaction levels were the lowest since the survey’s inception in 2007, and the lowest among all the financial services sectors that JD Power monitors, [...]
